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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - February 19, 1975, Lethbridge, Alberta WmJiMtdiy, 19, 1975 THE LETHBRIPGE HERALD 11 Tax tips Income interest I understand that I am no longer required to report Inlereit Income unlen the total amount I receive In the year ii In excess of b this correct? No. All interest income received must be reported as in prior years. However, you may be entitled to an offsetting deduction equal to the amount of certain types of interest in- come reported up to a maximum deduction of To deter- mine the amount which you may deduct and the type of interest income eligible for this deduction, please refer to Item 35 of the Income Tax Guide provided with your income tax return and Schedule 4 of the return package. Can a father deduct baby-sitting fees from his Income? Child care expense can be deducted by the father if, during the year, he was single, widowed, divorced or separated by Court Order. He may also make the deduction if the mother is incapable of caring for herself or the children or if she is confin- ed for 14 days or more to bed, hospital, wheelchair, mental hospital or prison. The father's deduction is limited to per week for each child up to per week. The same limitations of per child or per year for the whole family also apply in this case. What is the Registered Home Ownership Savings Plan? RHOSP was introduced in 1974 to help taxpayers save money to buy a home. It allows a taxpayer to deduct from in- come all amounts, up to per year contributed to a Registered Home Ownership Savings Plan A per- son's maximum life-time contribution is Investment in- come of the RHOSP is accumulated tax-free and when the tax- payer wishes to withdraw all his funds to purchase a home, or home furnishings such as essential major appliances and fur- niture, the funds are received tax-free to the extent they are used for these purposes. Who may benefit under the Registered Home Ownership Savings Plan? Taxpayers resident in Canada, 18 years of age or over, who were never previously beneficiaries under an RHOSP and who are not presently homeowners may contribute to an RHOSP. I am a salaried employee and I have to purchase special reference books for my work. Can I claim these as a deduction for income tax purposes? No. The cost of reference books is not an allowable deduc- tion from salary received as an employee. You may claim an employment expense deduction of 3 per cent of your employ- ment income, up to a year. Can I claim dental expenses incurred at a denturist's es- tablishment as medical expenses? Yes. The stipulations are that the denturist must be licensed, and the expenses aren't paid for by dental insurance plan. I received interest income from several sources in 1974, however, the total amount which was received was less than May I claim a deduction eaual to my total interest in- come? Possibly. However, interest income from certain specific sources does not qualify for this deduction. Before making any deduction, please review Schedule 4 of your income tax return which should answer any question you may have in connection with eligible or ineligible sources of interest income. Can I now claim all the premiums which I pay for medical insurance? No. You may only claim, as a medical expense the premiums which you pay to a non-government medical or hospital insurance plan. What kind of expenses are deductible for child care? Deductible expenses include costs of baby-sitting and day nursery care, and up to per child per week for lodging paid at boarding schools and camps. If child care expenses are to be deductible, they must be for care in Canada; furthermore, payments for such items as clothing, transportation, education or medical care are not considered to be child care expenses. My employer states that the portion of the medicare premiums that he pays on my behalf must be included in my in- come. Is this correct? Yes. The benefit derived from an employer's contribution to a public medicare plan is a taxable benefit, and must be included with your other income from employment. The employer's contributions to private health services plans, such as the Blue Cross are. still exempt. I am employed as a garage mechanic and have to provide my own tools. These cost me When completing my income tax return, can I claim this expense as a deduction? No. The cost of tools is riot deductible from salary or wages; nor may you claim capital cost allowance on them. You may, however, claim an employment expense deduction of 3 per cent of your employment income, up to a year. I am a transport employee and I do have certain travelling and away-from-home expenses. What records are necessary to prove my claim for these expenses when filing my income tax return? If you are an employee of an airline, railway, bus or other transport company carrying goods or passengers and you are required to travel regularly away from the municipality or metropolitan area where you report for work, you may claim actual expenses for meals and lodging while away, minus any amount reimbursed by your employer. Information from your detailed records should be shown on form TL2 and filed with your return. There is an Information Circular 73-21 available on this subject. Mut I keep receipts for child care expenses? Yes. Deductions claimed for child care expenses must be supported by receipts. The name and address and Social In- surance Number of the person to whom you make payments for child care must be provided on all receipts. You will not be re- quired to attach these receipts to your return but you must keep them in the event the Department wishes to inspect them. I receive approximately a year interest income. Can I deduct the No. The deduction is the lesser of the qualifying interest in- come or This is shown on Schedule 4 which accompanied your tax return. For further Intormttlon you can eon- fact Mia taxation department In Canary toll free toy calling fne long dlt- operator and nklng lor Zontth 04000. Comfort Fit Elastic Waist Boy's Elastic-Back Casuals A. A comfortable fit for growing boys. In 100% Cotton with Satin-Suede or Bedford m Cord finish. Waist sizes: 7-12. It Mrtl 'Place D'Eittel' Men's 100% Polyester Knits Boy's Casuals With Ragular Waist B. 100% Cotton Casuals fultv washable 5. 'Place D'Eiffel' the slacks that are easy to care for and sure to look great In "dressed-up" combinations or for smart casual wear. Easy-care because they're knit in 100% Polyester. Executive flare styling with drop front pockets, two pockets on tne back, full french fly and belt loops. All in this spring's fashion shades: Brown, Navy, Beige, Black, and Powder, Sizes 30-44. B. 100% cotton casuals fully washable and tor hard wear, in Satin-Suede or Bedford Cord finish. 2 front scoop pocked. Regular waist sizes: 8-16. Reg. Weefco Price Mr Boy's Cotton Dmim Westerns Made from tough-wearing 10 01. 100V. Cotton Denim with sharp "Western" styling. 2 scoop pockets on the front. 2 back j pitch pockets. Regular waist sizes M Uj Mr CottOQC "nOpplOQ MMI M2S Mayor Magrath Drive IwtWi Monday, Tuesday a.m. to ftOO p.m. Wl MIWIIV1TM MMHT TO LIMIT OUANTITIIt ;